Category Archives: ERC20

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Should Ethereum Be Worried About Token Migration?

Although Ethereum is the ICO favored go-to platform, there is a trend emerging towards migration away from its native ERC20 token to home-baked alternatives once projects get underway.

Despite Ethereum’s undisputed dominance owing to the ease of setting up ERC20 tokens to facilitate ICOs, issues such as scalability and transaction speed problems, along with network clogging, have had the effect of driving ICOs to look elsewhere for a better solution.

Ethereum’s ERC20 technical standard has essentially been used by startups as a kind of incubator, it being the primary tool that allows creating tokens for trading.

One of the latest to take this route is the Kin Foundation, which boasts some 300 million monthly users of its Kik Messenger app. A spokesman for the Kin Foundation has explained that the company has been talking to exchanges to allow users that transfer their tokens from wallets to exchanges to forfeit the original ERC20 tokens to Kin’s own native KIN token on its own blockchain, although users can still sit hold their tokens on Ethereum as long as they wish with no time restraint.

KIN’s promotional PR suggests “incredible speed and scalability” along with security and scalability after the shift to its own blockchain. The concept of migrating in this way, of course, is not new. Others who have made this move, notably EOS and Tron, also took the migration route away from the Ethereum blockchain which got them up and running.

Since the launch of the EOS mainnet earlier this year, EOS have scooped up EOSBet, Medipedia, Tixico, Billionaire Token, Insights Network, WAX and Sentinel Protocol. Justin Sun, Tron’s founder and CEO, said that their shift from ERC20 protects their user’s interests.

T-21 days until Mainnet launch! #TRON will be one of the most competitive mainstream blockchains with the most users. We graduated #1 from the ETH platform with 1.08M+ users, more than OMG and EOS combined. ETH was just a prelude. Now for the main act 🎵😎$TRX pic.twitter.com/Oyj4XN1T7l

— Justin Sun (@justinsuntron) May 9, 2018

Sun added, “We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum.”

However, despite such fighting talk from Tron’s top man, the sheer size of the Ethereum blockchain means that it is unlikely that any sleep will be lost just yet for Ethereum backers but migration from ERC20 is a space well worth watching.

 

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John McAfee Hooks up With Art Platform to Auction Picasso

Ex-security software guru, turned crypto and blockchain enthusiastic, not to mention a would-be presidential candidate John McAfee seems to be everywhere these days, hence his latest dip into the world of fine art.

In his latest role as blockchain influencer, McAfee is turning to the tokenization of classic paintings, with Picasso set firmly in his sights. To this end, he’s teamed up with Blockchain-based art investment platform Maecenas and ERC20 crypto exchange Ethershift in order to produce what is hailed as the first “perpetual digitalization and tokenization of a Picasso’s work of fine art.”

The team, codenamed “Project Phoenix,” plans to auction the as yet unnamed Picasso this December and has announced the event on the Maecenas website:

“The auctioning process will be executed using Maecenas technology. The newly created digital asset, the first of its kind, will be represented as a single ERC721 token for the digitalized artwork. A fixed number of ERC20 tokens will separately represent shared ownership in the physical asset.”

This is not the first of McAfee’s forays into the art world after Andy Warhol’s ‘14 small electric chairs’ were tokenized earlier this year with 31.5% of the painting’s value sold to investors who paid in either BTC or ETH. Maecenas offered immutable purchase history and ownership information on the Warhol, connecting investors and art dealers on the platform while running a smart contract on the Ethereum blockchain. McAfee was proud to announce his latest art coup on Twitter:

“I am helping to tokenize rare art objects – a groundbreaking Blockchain application. We will auction a tokenized Picasso at the end of December. This is our second tokenized painting. The first was a resounding success.”

With Project Phoenix soon to see its tokens available to the public on the Ethereuem blockchain, there is a risk that McAfee invites the usual “shilling” accusations from his critics – the spreading of positive information about a product which may or may not be accurate in order to gain investor interest. It has been noted that McAfee tweets about new blockchain enterprises or projects often lead to huge price gains, opening him up to accusations of manipulating investors.

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Coinbase Lists Its First Ethereum ERC20 Token, 0x

Coinbase, the biggest cryptocurrency exchange headquartered in the United States, has listed its first Ethereum ERC20 token. The lucky ERC20 token is 0x, the #25 crypto on CoinMarketCap with a market cap of USD 414 million as of this writing on 12 October 2018. This opens up the door for many more Ethereum ERC20 tokens to be listed on Coinbase.

Getting listed on Coinbase is major news for any crypto since it makes them easily available throughout the United States as Coinbase is the go-to place to buy crypto in the country. This increases demand and price for any crypto that gets listed on Coinbase. It has been announced a while ago that 0x would likely be added to Coinbase, and 0x began to rally in the middle of September from USD 0.51 to USD 0.77 today, a 50% rally. The rally became more aggressive in the past couple of days due to Coinbase finally listing 0x. 0x is available for fiat to crypto trading on Coinbase Pro, and will soon be rolled out across all Coinbase platforms.

0x is the 6th crypto to be listed on Coinbase, the others being Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. Coinbase announced near the beginning of October that it was opening a new application process, and was planning on adding every possible crypto to its exchange, eventually becoming like Binance which has hundreds of cryptos available for trading. 0x is just the first of many cryptos that will likely be added to Coinbase, and as seen with 0x, getting added to Coinbase has a very positive impact on a crypto’s market price. Therefore, if Coinbase truly ends up listing all major cryptos, it could have a significant impact on the overall crypto market.

ERC20 is a protocol to make a token using the Ethereum blockchain, which is essentially a cryptocurrency that uses the Ethereum blockchain to secure itself. Numerous major cryptos are Ethereum ERC20 tokens, like Binance Coin, Maker DAO, OmiseGO, Aeternity, Basic Attention Token, Golem, Holo, Augur, Status, Populous, Waltonchain, and Chainlink. These are just the ERC20 tokens that have market caps in excess of USD 100 million, there are many more besides this with lower market caps that are still quite popular.

Now that Coinbase has added 0x, it would be quite easy to add any other ERC20 token since they use the same backbone technology, and considering Coinbase’s new policy to add every worthy crypto, it is likely that many more ERC20 tokens will be added to Coinbase in the coming months.

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Ethereum Tokens Surge on Coinbase Announcement of ERC20 Token Support

Cryptocurrency exchange Coinbase has announced that it will be adding support for ERC20 tokens “in the coming months”, prompting a slight price rise across the board for ERC20 assets in trading markets.

The first step will involve its “Custody” team in a process to evaluate a set of ERC20 assets to support for withdrawal and deposits. Having identified them, it will seek to obtain regulatory clarity for selected assets, which will first be listed on its Global Digital Asset Exchange (GDAX) exchange and trading platform.

Coinbase has a policy of monitoring performance digital assets listed on its GDAX exchange, eyeing aspects of “market health metrics” such as liquidity and price stability before eventually offering them on its flagship Coinbase exchange, which offers easier buying and selling of major cryptocurrencies in exchange for fiat currencies in over 30 countries.

Despite the lack of announcements to list specific tokens, speculators reacted to the news by buying up ERC20 tokens believed most likely to make the cut. This resulted in a noticeable surge in prices of 0x (a protocol for trading tokens) and REP (ERC20 token native to the Augur predictions platform), offering some respite to an altcoin market weary from weeks of diminishing prices.

Things did not go too well the last time Coinbase added a new asset to its exchanges, as its botched addition of Bitcoin Cash saw live trading moments before the official announcement. Several traders apparently took advantage of the momentary spike in price, leading to accusations of insider trading and fraud.

Coinbase has no plans to add any approved ERC20 tokens to its Coinbase Commerce service.

ERC20 tokens are digital assets created using the official Ethereum Request for Comments (ERC) protocol 20 for proposing improvements to the Ethereum network. There are several protocols, among which ERC20 has been the most popular, with the majority of projects launching since 2017 creating smart contract tokens on the Ethereum blockchain that comply with the ERC20 protocol.

To date, over 500 ERC20 tokens are actively trading, as tracked by CoinmarketCap.

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